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In Western companies, the board of directors functions as the owners' eyes and ears, monitoring the performance of company executives and ensuring that they protect shareholder interests. In this chapter, authors Peter Cappelli, Harbir Singh, Jitendra Singh, and Michael Useem show how, in keeping with the India Way, directors of Indian companies balance the interests of all those with a claim on the company-its employees, its customers, the broader community, even the nation-as well as the interests of actual shareholders. Using the example of Infosys Technologies, which has built a governance model that blends both the rules-based approach of Western firms and the values-based approach indigenous to India, the authors make a compelling case for the India Way of corporate governance-and how putting it into practice can help U.S. executives to contribute not just to investor returns, but to their communities; to focus not just on cutting labor costs, but on building their workforces. This chapter was originally published as Chapter 6 of The India Way: How India's Top Business Leaders Are Revolutionizing Management.

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In an HBR article in January 2005, Cappelli and Hamori compared leaders in the top 10 roles at each of the Fortune 100 companies in 1980 with those in 2001. Among their findings were a sharp decline in the number of senior executives who had spent their entire careers with one company, and a corresponding uptick in rapidly advancing young executives who spent less time with any one employer. In this article they and Bonet extend that analysis to 2011. Perhaps the most noteworthy changes they've found are demographic. For example, the percentage of executive women has risen quite a bit. But the 2008 recession caused some interesting developments: Financial institutions are bringing in more senior executives from outside than they did a decade ago; leaders have been hesitant to leave their organizations for new opportunities; and companies have held on to even underperforming executives to maintain stability. Generously illustrated with graphics, this article profiles today's leaders in four areas--career trajectory, education, diversity, and hierarchy within the senior ranks.

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Line managers are taking on duties that once belonged to human resources. They can benefit from emerging best practices and can start by asking and answering the five key questions the author explores.

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HBR asked top management thinkers to share what they were resolved to accomplish in 2011. Here are their answers: Joseph E. Stiglitz will be crafting a new postcrisis paradigm for macroeconomics whereby rational individuals interact with imperfect and asymmetric information. Herminia Ibarra will be looking for hard evidence of how "soft" leadership creates value. Eric Schmidt will be planning to scale mobile technology by developing fast networks and providing low-cost smartphones in the poorest parts of the world. Michael Porter will be using modern cost accounting to uncover-and lower-the real costs of health care. Vijay Govindarajan will be trying to prototype a $300 house to replace the world's poorest slums, provide healthy living, and foster education. Dan Ariely will be investigating consumers' distaste for genetically modified salmon, synthetic pharmaceuticals, and other products that aren't "natural." Laura D. Tyson will be promoting the establishment of a national infrastructure investment bank. Esther Duflo will be striving to increase full immunization in poor areas of India. Clay Shirky will be studying how to design internet platforms that foster civility. Klaus Schwab will be undertaking to create a Risk Response Network through which decision makers around the world can pool knowledge about the risks they face. Jack Ma will be working to instill a strong set of values in his 19,000 young employees and to help clean up China's environment. Thomas H. Davenport will be researching big judgment calls that turned out well and how organizations arrived at them. A.G. Lafley will be proselytizing to make company boards take leadership succession seriously. Eleven additional contributors to the Agenda, along with special audio and video features, can be found at hbr.org/2011-agenda.

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For teaching purposes, this is the commentary-only version of the HBR case study. The case-only version is Reprint R1009X. The complete case study and commentary is Reprint R1009M.

Bob Antice is well-loved and famously connected in the music industry. For decades he was a star-the most successful salesman in the company's history, friend and mentor to generations of performers, and a sought-after speaker at industry events. Bob's work from the mid-1970s to the early 1990s put Powerful on top: The company outsold all its competitors for eight straight years in the 1980s. And when he wasn't finding new ways to sell records, Bob was discovering new performers the label's talent-and-repertoire staff had somehow missed. But now his sales are flagging, and the label's CEO wants him out. Bob's current manager isn't sure that what he offers as a mentor and a public face for Powerful is relevant in the age of iPads, Shazam, and Live Nation. Still, Bob has an important personal relationship with the label's most important performer. Should he stay or should he go? Two commentaries are attached to the case in R1009M and included in R1009Z, one from Peter Cappelli and Bill Novelli, the authors of Managing the Older Worker, and the other from Tamara J. Erickson, the author of "Retire Retirement" and "What's Next, Gen X?"

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This HBR Case Study includes both the case and the commentary. For teaching purposes, this reprint is also available in two other versions: case study-only, reprint R1009X, and commentary-only, R1009Z.

Bob Antice is well-loved and famously connected in the music industry. For decades he was a star-the most successful salesman in the company's history, friend and mentor to generations of performers, and a sought-after speaker at industry events. Bob's work from the mid-1970s to the early 1990s put Powerful on top: The company outsold all its competitors for eight straight years in the 1980s. And when he wasn't finding new ways to sell records, Bob was discovering new performers the label's talent-and-repertoire staff had somehow missed. But now his sales are flagging, and the label's CEO wants him out. Bob's current manager isn't sure that what he offers as a mentor and a public face for Powerful is relevant in the age of iPads, Shazam, and Live Nation. Still, Bob has an important personal relationship with the label's most important performer. Should he stay or should he go? Two commentaries are attached to the case, one from Peter Cappelli and Bill Novelli, the authors of Managing the Older Worker, and the other from Tamara J. Erickson, the author of "Retire Retirement" and "What's Next, Gen X?"

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Your organization needs older workers more than ever: They transfer knowledge between generations, transmit your company's values to new hires, make excellent mentors for younger employees, and provide a "just in time" workforce for special projects. Yet more of these workers are reporting to people younger than they are. This presents unfamiliar challenges that--if ignored--can prevent you from attracting, retaining, and engaging older employees. In Managing the Older Worker, Peter Cappelli and William Novelli explain how companies and younger managers can maximize the value provided by older workers. The key? Recognize that boomers' needs differ from younger generations - and adapt your management practices accordingly. For instance: · Lead with mission: As employees age, they become more altruistic. Emphasize the positive impact of older workers' efforts on the world around them. · Forge social connections: Many older employees keep working to maintain social relationships. Offer tasks that require interaction with others. · Provide different benefits: Tailor benefits--such as elder-care insurance programs or discount medication--to older workers' interests. Drawing on research in management, psychology, and other disciplines, Managing the Older Worker reveals who your older workers are, what they want, and how to manage them for maximum value.

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Exploding growth. Soaring investment. Incoming talent waves. India's top companies are scoring remarkable successes on these fronts and more. How? Instead of adopting management practices that dominate Western businesses, they're applying fresh practices of their own in strategy, leadership, talent, and organizational culture. In The India Way, the Wharton School India Team unveils these companies' secrets. Drawing on interviews with leaders of India's largest firms - including Mukesh Ambani of Reliance Industries, Narayana Murthy of Infosys Technologies, and Vineet Nayar of HCL Technologies - the authors identify what Indian managers do differently, including: Looking beyond stockholders' interests to public mission and national purpose. Drawing on improvisation, adaptation, and resilience to overcome endless hurdles. Identifying products and services of compelling value to customers. Investing in talent and building a stirring culture. The authors explain how these innovations work within Indian companies, identifying those likely to remain indigenous and those that can be adapted to the Western context. With its in-depth analysis and research, The India Way offers valuable insights for all managers seeking to strengthen their organization's performance.

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One of the defining qualities of the India Way of doing business is its distinctive style of leadership. India's business leaders think broadly and act pragmatically. They set grand agendas and then rely on trial and error (and personal resilience) to see what works and what doesn't. In this chapter, authors Peter Cappelli, Harbir Singh, Jitendra Singh, and Michael Useem describe one of four principal practices of the India Way-improvisation and adaptability-and show, using richly detailed examples such as Hindustan Unilever (India's largest consumer products company) and banking juggernaut Industrial Credit and Investment Corporation of India, how Indian business leaders create sustainable profitable growth from the ground up. As Western companies struggle to regain their footing in the wake of the 2008-2009 economic collapse, the phenomenal successes Indian executives have achieved-in an ever-changing business landscape-offer inspiration as well as instruction. This chapter was originally published as Chapter 4 of The India Way: How India's Top Business Leaders Are Revolutionizing Management.

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While European and American enterprise enjoyed more than two centuries of political sovereignty and business independence, India's commercial growth was shackled by foreign rule and, in the wake of independence in 1947, stifling government control and regulation. In this chapter, authors Peter Cappelli, Harbir Singh, Jitendra Singh, and Michael Useem describe in vivid detail how India's sweeping economic reforms, introduced in 1991, dramatically altered the business landscape and allowed the emergence of a distinctive "India Way" of doing business. Now, nearly two decades after the 1991 reforms, the most lasting impact may well be in business leadership itself, as those who preside over India's largest and most successful enterprises rise above their own business interests to drive an agenda for economic and social change on a nationwide scale. This chapter was originally published as Chapter 2 of The India Way: How India's Top Business Leaders Are Revolutionizing Management.

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